Calculate consumer surplus and producer surplus, and describe what they mean.
The extra value a consumer gets from a good but does not have to pay for it. This "surplus" results from the fact that consumers would be willing to pay more for the good but can buy at the current market price.
The amount producers receive in excess of the amount necessary to induce them to produce the good.
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.